Illinois Chapter 11 Filings

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"Illinois Chapter 11 Filings"

The majority of debtors filing Illinois Chapter 11 cases are business, however, individuals may also file for reorganization under this chapter. The total cost of filing Illinois bankruptcy reorganization is significantly higher than wage earners plans and liquidation, and in turn, offers significantly greater options. Of all Illinois bankruptcy cases filed, Chapter 11 cases generally represent about one percent of total case volume.

11 U.S.C. §1102(a) provides, in part, "(1) Except as provided in paragraph (3), as soon as practicable after the order for relief under chapter 11 of this title, the United States trustee shall appoint a committee of creditors holding unsecured claims and may appoint additional committees of creditors or of equity security holders as the United States trustee deems appropriate. (2) On request of a party in interest, the court may order the appointment of additional committees of creditors or of equity security holders if necessary to assure adequate representation of creditors or of equity security holders. The United States trustee shall appoint any such committee."

New privacy rules went into effect December 1, 2003 for all Illinois bankruptcy courts. Previously, the social security number for each debtor was made publicly available through the clerk's office in all cases. The new rule now requires only the last four digits to be made publicly available because of the rise in identity theft. Concerns regarding inclusion of the names and ages of minor children within schedules remain hotly debated. The Illinois Bankruptcy Court for the Northern District issued a standing order on February 17, 2004 because of the dischargeability of attorney fees. In a case under Chapter 7 of the Code, where the debtor's attorney agreed to represent the debtor upon the condition of a later written agreement to pay attorney fees after filing, the Court will now allow an attorney to withdraw if the debtor refuses to sign the agreement.

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Information for consumer debtors filing Chapter 7 or Chapter 13 in Aurora, Chicago, Cicero, Elgin, Joliet, Naperville, Peoria, Rockford, Springfield, and Waukegan. State and county bar referral information included, plus legal summaries of state and federal law requirements, lawyer directory, law firm and attorney fee guidelines, and court contact information. Illinois Bankruptcy Laws, Courts & Lawyers | ©Copyright 1997 through 2010 - All Rights Reserved.